Many people are considering buying a second or vacation home in Mexico and only want to spend a few weeks or part of the year in it. The financial opportunity exists to make enough rental income to cover the property's costs. A purely hands-off rental investment property is extremely desirable. You can generate income while a property in the Riviera Maya appreciates in value. Certainly not the case now, or in the near future, anywhere in the US. How can this be accomplished?
The first factor to consider is tourism figures. The Riviera Maya, along the beautiful Caribbean coast, attracts large numbers of visitors, giving you a large pool of potential renters since it is a highly desirable vacation destination. More and more tourists opt for living the lifestyle here, in a home or condo, rather than having a canned resort experience. Mexico's occupancy rates are averaging 65%, even in this harsh economic downturn.
Beyond the numbers of tourists and rates of occupancy, you of course need an attractive property that is in a desirable location. Amenities are key to potential renters and your success in renting. The type and quality of the amenities your property offers will guide your renters to you. Your furniture choices will even make a difference. And an absolute must is finding an excellent property manager. One who will take care of any necessary duties including the cleaning, bill paying, maintenance and repairs. With everything in place, you can expect rentals for 18-24 weeks a year.
Growth in Tulum is also creating an urgent need for short term accommodation. Right now, there simply is not enough supply and that gives you an excellent opportunity for profit.
Another alternative of truly hassle-free investing is with a condo-hotel. A limited opportunity exists in a development just about an hour and a half from Cancun, 30 minutes from Playa del Carmen and 15 minutes from Mexico's most beautiful beach in Tulum.
Your investment in a condo-hotel unit gives you access to a beach resort and the new 27 hole Riviera Maya golf course. The units are fully furnished with a guaranteed rental return from the resort hotel. This investment opportunity is completely operational without any work on your part. You won't have to find renters, there are no condo fees, utility bills, repairs or maintenance to worry about. It's all taken care of, so you just relax and receive your quarterly ROI. These have been hugely popular and have seen significant appreciation since their pre-sales.
Our office can guide you through the variety of options for owning vacation property in the Riviera Maya, providing you a home-away-from-home and a significant profit on your property investment and rental returns. Now may be the best time to prepare for the upcoming high season.
by Cheryl Dennler